AFP - IMF chief Christine Lagarde (pictured below) said on Monday that member
states had promised a total of $456 billion (361 billion euros) for its
new crisis fund, $26 billion more than a target set in April.
China, which had held back on how much it would offer for months, will contribute $43 billion, according to the IMF.
"With today's announcements by an additional 12 countries, a total of
37 IMF member countries... have joined this collective effort,
demonstrating the broad commitment of the membership to ensure the IMF
has access to adequate resources to carry out its mandate in the
interests of global financial stability," Lagarde said.
"Countries large and small have rallied to our call for action, and
more may join. I salute them and their commitment to multilateralism. As
a result, total pledges have risen to $456 billion, almost doubling our
lending capacity." Source
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